Skip to main content

Online Payment Fraud Detection and Prevention Apps

The relative ease, convenience and reach facilitated by online channels for businesses has led to the development of a broad set of digital services. The accessibility of the Internet and the ability to commit fraud remotely creates an appetizing prospect for criminals.

Meanwhile, the potential attack surface for miscreants is enormous; some 94 billion transactions were made for remote goods purchases in 2016, which is only a fraction of the total eCommerce landscape.

A new market study from Juniper Research has found that spending on online fraud detection and prevention (FDP) solutions will reach $9.3 billion by 2022 -- that's an increase of 22 percent over this year’s anticipated spend.

FDP Market Development

The research found that perceptions of high software costs, combined with relatively low awareness of effective solutions in the eCommerce space, were slowing service adoption. Nevertheless, it predicted that several factors would prove instrumental in driving the market forward.

According to the latest global market study by Juniper Research, the growing threat of insecure IoT (Internet of Things) devices would be key in driving FDP spend.

The evolution of IoT botnets from DDoS (Distributed Denial-of-Service) weapons aimed at fraud automation tools has influenced this trend, owing to a requirement for better customer verification tools.


Meanwhile, Juniper predicted the launch of 3DS 2.0 (3-D Secure 2.0) would have a similar impact. It claimed 3DS 2.0 would both reduce fraud and result in fewer basket abandonment, if merchants invested in authentication solutions as part of their FDP strategy.

Finally, it cited the upcoming PSD2 (revised payment services directive) and the move to open banking APIs in Europe, North America and Asia as a further driver.

"APIs expose a set of business logic rules, which by their nature are susceptible to abuse," said Steffen Sorrell, senior analyst at Juniper Research. "This will drive banks and service providers to greater emphasis on protecting those APIs."

Outlook for FDP Applications Growth

Juniper predicted that emerging markets, such as Latin America, Indian Subcontinent and Africa & Middle East would become key targets for banking and payments fraud.

Collectively, these regions will account for only 4 percent of global FDP spend in 2022. The research findings noted that stronger regulation to protect consumers as well as better consumer education in safer online practices were key issues to address.

Popular posts from this blog

Why Healthcare and Smart City Apps Drive 5G IoT

Fifth-generation (5G) wireless technology for cellular networks is a successor to fourth-generation (4G) wireless technology. By 2023, Juniper Research anticipates that there will be over 1 billion 5G connections globally. The technology will provide the data infrastructure for the advancement of wireless communications and for new developments in the Internet of Things (IoT) -- including smart cities and healthcare. 5G IoT Market Development According to the latest worldwide market study by Juniper Research, 5G IoT connections will reach 116 million globally by 2026 -- that's increasing from just 17 million connections in 2023. Juniper analysts predict that the healthcare sector applications and government or other smart city services will drive this outstanding 1,100 percent growth over the next three years. Juniper examined 5G adoption across key industry sectors -- such as the automotive, mobile broadband, and smart homes -- and forecasts healthcare and smart cities will accoun

How Savvy Leaders Re-Imagine Work in 2023

As we look to the year ahead, there will be significant challenges and opportunities facing the Chief Human Resource Officer (CHRO) role. In order to be successful, savvy HR leaders must be prepared to take proactive steps that adapt and evolve. "HR leaders have faced an increasingly unpredictable environment amid many organizations mandating a return to office, permanently higher turnover and burnt out employees," said Emily Rose McRae, senior director at Gartner . HR Innovation Market Development One of Gartner's key predictions for 2023 is that the use of artificial intelligence (AI) and automation will continue to increase within the enlightened digital workplace. This transition will require HR leaders to develop new skills and competencies in order to effectively manage and lead teams that are increasingly relying on these enabling technologies. Additionally, HR leaders will need to ensure that their organizations are investing in the necessary infrastructure and re

Secure Microcontroller Market to Reach $2.2 Billion

In spite of the volatile global semiconductor industry being plagued by ongoing macroeconomic and political disruption issues, the secure microcontroller (MCU) market should continue to prosper. While the forecasted total available market has contracted -- especially in the smart home, retail, advertising, and supply chain spaces -- secure MCU shipments will likely be temporarily affected.  According to the latest worldwide market study by ABI Research, the secure microcontrollers market will grow to reach $2.2 billion by 2026. Secure Microcontroller Market Development "In part, this is due to the niche nature of security demand which commands a higher value proposition," says Michela Menting, research director at ABI Research . In the short term, potential supply chain issues due to trade embargoes and global COVID-19 pandemic quarantines at manufacturing sites will affect availability. Yet, demand for security, especially in general purpose microcontrollers, will ensure the